Author: Steven Sahiounie

The report expected the country’s reserves to rise further by $2.60 billion in FY25/26 Egypt’s international reserves are expected to surge by $16.20 billion during the fiscal year (FY) 2024/2025, according to a report by JPMorgan, an American multinational finance company. The report expected the country’s reserves to rise further by $2.60 billion in FY25/26. JPMorgan also forecast the Egyptian economy to grow by 4.30% in FY25/26, up from 2.8% in FY23/24. Further adjustments to fuel prices, aimed at reducing the subsidy bill, could pose upside risks to Egypt’s inflation outlook, given that fuel comprises about 2% of the inflation…

Kuwait’s economic growth (real GDP) projection for 2024 was revised by the World Bank to 2.8% y/y, higher than the 2.6% y/y forecasted earlier in January 2024 owing to expectations of phasing out of OPEC+ production cuts, according to Kuwait Financial Centre (Markaz).

The revision reflects reduced external risks for Egypt. Fitch cited the recent investment deal with the United Arab Emirates (UAE)

The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.0 in April, the same as March, and well above the 50.0 mark denoting expansion in activity

Any agreement which would uphold the rights of the Palestinian people will get support from Iran, Iranian Foreign Minister Hossein Amirabdollahian said. In a meeting on the sidelines of a summit of the Organization of Islamic Cooperation (OIC) in the Gambia on Saturday, Amirabdollahian and his Saudi counterpart Faisal bin Farhan Al-Saud talked about regional issues, including the Gaza crisis. Amirabdollahian said Iran supports any agreement that guarantees the restoration of the Palestinian people’s rights, stating, “We believe that the Palestinians themselves should decide the fate of Palestine.” Joint efforts should be made to stop the war in Gaza which serves…

Riyad al-Maliki, Advisor to President Mahmoud Abbas on International Affairs, said today the Palestinian people are engaged in a struggle to protect their existence, facing a brutal and heinous genocide waged by a ruthless colonial power. Speaking on behalf of President Abbas at the 15th Summit of the Organization of Islamic Cooperation held in Banjul, Gambia, al-Maliki emphasized that the ongoing Israeli genocide marks the latest episode in the ongoing Nakba against the Palestinian people, a plight that commenced 75 years ago. Al-Maliki pointed out that that “for nearly seven months, Israel has intensified its atrocities against the Palestinian people…

Algeria reportedly calls for an investigation into mass graves discovered at multiple hospitals in the Gaza Strip. Algeria has reportedly sought a private UN Security Council session scheduled for Tuesday to discuss the recent uncovering of mass graves at multiple hospitals in the Gaza Strip, following the withdrawal of Israeli occupation forces (IOF) from medical facilities they had invaded, according to a source cited by Sputnik. In the same context, United Nations Secretary-General Antonio Guterres voiced worry, on April 30, over reports of mass graves unearthed in Gaza, including at two hospitals, and concern that Palestinians were executed, calling for an impartial investigation. …

French President Emmanuel Macron said on Sunday that a dialogue with Russia must be maintained. “We are doing the right thing by leaving the doors open for negotiations with Russia,” Macron said in an interview with La Tribune daily. “Otherwise, we would have given up on the international order as well as peace and security.” However, Macron noted at the same time that it was necessary to carry on with the “strategic ambiguity” policy regarding Russia. In late April, Macron said speaking at Sorbonne University in Paris that Europe should be prepared to build relations with Russia after the Ukraine…

Turkish Foreign Minister Hakan Fidan on Saturday said resistance against Israeli occupation is no longer a war between Israel and Palestine but a struggle between oppressors and the oppressed worldwide, according to diplomatic sources. Speaking at the 15th Summit of the Organization of Islamic Cooperation (OIC) held in Banjul, the capital of Gambia, Fidan stressed that none of the members had the right to resolve their differences over the “blood of the Palestinians.” Pointing out that Israel has escaped accountability, Fidan said it is the duty of the entire global Muslim community to close ranks to defend Palestinians. He underlined…

Steven Sahiounie, journalist and political commentator While the world is watching in horror at the genocide being carried out in Gaza, there is another war in Sudan which has been overshadowed by the Israeli war on the Palestinians. Since the conflict began on April 15, 2023, almost 15,000 people have been killed, and more than 8.2 million have been displaced. In Gaza, about 35,000 have been killed in six months of fighting since October 7, 2023. The city of El Fasher is now under threat of an imminent attack by the Rapid Support Forces (RSF), who are battling against the…